April 7, 2017

The Company’s Second Revised, Last, Best and Final Offer (LBFO) includes retirement benefits intended to replace the B&C Pension Fund, which is in “Critical and Declining” Status. The B&C Pension Fund indicated in an April 27, 2016 notice that it will run out of money to pay benefits by 2030, just 13 years from now.

The Company believes it is important to provide an alternate source of retirement funding for our employees, given the uncertainty around the B&C Pension Fund’s financial situation. The Company’s LBFO offers our employees potential retirement benefits from two sources: whatever vested B&C Pension Fund benefits they may receive and a defined contribution retirement plan funded entirely by the Company.

Like the B&C Pension Fund, multiemployer pension plans covering union-represented employees across the U.S. continue to face financial uncertainty, and the Federal agency created to insure failed multiemployer pension funds, known as the Pension Benefit Guaranty Corporation (PBGC), continues to have its own financial challenges.

According to a March 6, 2017, article in the Kansas City Star, the Central States Pension Fund, which the Missouri Teamsters draw on for pension benefits, “is so large and its problems so deep that its failure would wipe out the resources the Pension Benefit Guaranty Corporation (PBGC) has for covering all multiple-employer plans.”

The PBGC is expected to “run out of money in 8-10 years,” according to the NY Daily News March 1, 2017, article, titled “Pension Benefit Guaranty Corporation running out of cash to cover union pension funds.” The article goes on to say that payouts covering failed multiemployer pension plans are “cut, often down to about one-third of what the worker is due,” and that, if the PBGC “went under,” retirees could expect to see their already-reduced benefits “slashed by (another) 80%.”

According to the NY Daily News, “the prognosis is gloomy for upwards of 10 million Americans over the next few decades if several large funds collapse — particularly the Central States Pension fund that covers 407,000 Teamster truckers in the Midwest and South.” The Department of Labor website lists 75 multiemployer pension plans in ‘Critical and Declining’ Status, and the NY Daily News report said that these “too will soon have to apply for permission to cut retiree payouts,” and that “about one million Americans have pensions on the verge of insolvency.”

To prevent insolvency, many multiemployer pension plans are seeking to cut benefits.

The Washington Post reported on January 27, 2017, that “in an unprecedented move,” a pension fund for Iron Workers in Cleveland “became the first plan to approve benefit cuts for current retirees — even though it is still years away from running out of cash.” Critics, according to the report, said that “the move could open the door for other troubled pension plans to follow suit.”

According to a nwLaborPress.org post, dated February 28, 2017, “Under a proposal submitted Feb. 15 by trustees of the Western States Office and Professional Employees Pension Fund, they would have their pension benefitspermanently reduced by up to 29 percent.Those affected are current or former members of Office and Professional Employees International Union (OPEIU) in Oregon, Washington, and several other Western states.”

Last October, Pensions & Investments reported that the Automotive Industries Pension Plan sought Treasury Department approval to further cut benefits, despite having already removed all early retirement subsidies, joint and survivor subsidies, disability pensions and other options. For further information:

December 21, 2016

Second Revised, Last, Best and Final Offer Presented Today

It has been more than 8 months since negotiators from Mondelēz Global LLC and the BCTGM last met despite the Company’s willingness to meet at any time, and 6 months since the Company last heard anything from the BCTGM about negotiations. During these past months, it consistently has remained the Company’s goal to secure contracts for our employees.

The Company provided a “Revised, Last, Best and Final Offer” (LBF) on April 7, 2016, but the BCTGM has not allowed employees to vote on it, accepted it, or suggested the parties’ meet for further bargaining. The Company’s offer still stands, but due to the passage of time, effective dates in the LBF offer needed to be updated, and the Company clarified the way it will implement the defined contribution plan.

Key elements of the offer remain the same, and the Second Revised, Last, Best and Final Offer was submitted to the BCTGM today. We continue to believe our offer is fair and the right solution for both our employees and our business.

Despite the Company’s good offer, and the Company asking the Union to call for a vote numerous times since February, 2016, the Union at no point has allowed employees to vote.

Second Revised, Last, Best and Final Offer Summary

Contract term – Four Years – March 1, 2016 through February 29, 2020.

Wages & Bonus – If ratified, a $5,000 lump sum bonus. A 2.25% wage increase for all classifications, each year of the contract and retroactive to March 1, 2016.

Pension – Replacement of the B&C Pension Fund, which is in “Critical and Declining” Status and projected to be insolvent in about 13 years. Going forward, your retirement benefits would come from two sources: vested B&C Pension Fund benefits for service already earned and a defined contribution retirement plan funded entirely by the Company.

December 21, 2016

Cleveland.com reported that the Treasury Department said an Iron Workers union retirement fund in Cleveland can cut retiree pensions deeply for the sake of keeping the fund solvent. The report went on to say that this is the first federal approval to allow a multi-employer pension plan in “critical and declining” status to reduce retirees' pension benefits. In the Treasury Department’s letter to the Board of Trustees for the Iron Workers Local 17 Pension Fund, they said that the plan is “eligible to reduce benefits.”

Without a deep reduction in benefits, the Cleveland.com report said the Iron Workers’ pension fund was projected to run out of money within a decade.

Similarly, the Bakery and Confectionery Union and Industry International Pension Fund (B&C Pension Fund), which is also in “critical and declining” status, is projected to be insolvent in about 13 years. Since 2010, the B&C Pension Fund Trustees have taken actions to reduce benefits due to the Fund’s poor financial condition. One example of this benefit cutback is how the Trustees have amended the pension plan so that it would be impossible for a former employee to “age into” a Golden 80 pension.

Because the B&C Pension Fund is in “critical and declining” status, the Trustees have the ability under the law to seek Treasury Department approval to further reduce benefits for both retirees and active employees in order to avoid insolvency.

May 13, 2016

Update from the Bakery and Confectionery Union and Industry International Pension Fund

Recently, the Bakery and Confectionery Union and Industry International Pension Fund (B&C Pension Fund) released several annual notices which are required by law. Over 2,000 Company employees represented by the BCTGM in the current negotiations, along with employees of many of our peer companies, are participants in this Fund.

Despite Union claims that the proposed Company retirement plan is less secure than the B&C Pension Fund due to market fluctuations, the recent B&C Pension Fund notices highlight ‒ once again ‒ that it is your pension under the B&C Pension Fund that is not secure.

It is increasingly likely that, in order to keep the B&C Pension Fund from insolvency, the Trustees will have to reduce benefits. However, even if benefits are reduced, there is no guarantee that the B&C Pension Fund would avoid insolvency. Please review this “Myth v. Fact” for a brief overview of the key facts regarding the struggling B&C Pension Fund, and the Company’s proposed retirement plan.

Here are some key takeaways from the recently released B&C Pension Fund notices:

In April 2015, the B&C Pension Fund reported that it was in “critical and declining status” and was projected to be insolvent in 17 years (by 2032). Now, just one year later, the Fund’s Notice of Critical and Declining Status indicates that the Fund is projected to run out of money to pay benefits by 2030, just 14 years from now.

The funding level of the B&C Pension Fund, which represents its ability to meet its benefit obligations to participants, has been consistently declining. For example, in 2010, the funding level percentage was 86.5%. But, for the 2015 plan year, that funding level had declined to only 62.8%. This funding decline has come during a period when the stock markets have been increasing.

Since 2010, the B&C Pension Fund Trustees have taken actions to reduce benefits due to the Fund’s poor financial condition. One example of this benefit cutback is how the Trustees have amended the pension plan so that it would be impossible for a former employee to “age into” a Golden 80 pension. That is, a participant could not qualify for this early retirement pension unless he/she is working in covered employment when his/her combined age & service add up to 80. Because the Trustees’ prior two attempts to cut back access to the Golden 80 pension were ultimately not effective due to legal challenges, the Trustees of the Fund amended the plan for the third time to limit eligibility for the Golden 80 effective June 1, 2016.

To learn more about the status of the B&C Pension Fund and what it means for a plan participant’s pension benefits, read these documents.

May 11, 2016

Update from the Bakery and Confectionery Union and Industry International Pension Fund

Recently, the Bakery and Confectionery Union and Industry International Pension Fund (B&C Pension Fund) released several annual notices which are required by law. Over 2,000 Company employees represented by the BCTGM in these negotiations, along with employees of many of our competitors, are participants in this Fund.

Despite Union claims that the proposed Company retirement plan is less secure than the B&C Pension Fund because of market fluctuations, the B&C Pension Fund’s latest projections and amendments show once again that the B&C Pension Fund is not secure. It is increasingly likely that in order to keep the B&C Pension Fund from insolvency, the Trustees will have to reduce benefits. However, even if benefits are reduced there is no guarantee that the B&C Pension Fund will avoid insolvency. Clearly, retirement benefits under the B&C Pension Fund are far from “guaranteed” despite the Union’s claims.

Here are some key takeaways from these recently released notices:

In April 2015 the B&C Pension Fund reported that it was in “critical and declining status” and was projected to be insolvent in 17 years (by 2032). Now, just one year later, the Fund’s Notice of Critical and Declining Status indicates that the Fund is projected to run out of money to pay benefits by 2030, just 14 years from now.

The funding level of the B&C Pension Fund, which represents its ability to meet its benefit obligations to participants, has been consistently declining. For example, in 2010, the funding level percentage was 86.5%. But, for the 2015 plan year, that funding level had declined to only 62.8%. This is what it means to be in “critical and declining status.”

Since 2010, the B&C Pension Fund Trustees have twice attempted to amend the pension plan so that it would be impossible to “age into” a Golden 80 pension. That is, a participant could not qualify for this early retirement pension unless he/she is working in covered employment when his/her combined age & service add up to 80. The Trustees prior two attempts to limit access to the Golden 80 pension were ultimately not effective due to legal challenges. The Trustees of the Fund are, for the third time, amending the plan to limit eligibility for Golden 80 pension effective June 1, 2016.

To learn more about the status of the B&C Pension Fund and what it means for a plan participant’s pension benefits, read these documents

April 8, 2016

BCTGM Breaks off Talks

This morning, at the time negotiations were scheduled to begin, the BCTGM told the Company that they were breaking off negotiations, despite talks being scheduled for today. This follows the Company presenting its Revised Last, Best and Final Offer yesterday afternoon.

There are no further meetings scheduled at this time.

April 7, 2016

Company’s Revised Last, Best & Final

Mondelez Global LLC and the BCTGM resumed negotiations today in Baltimore, MD, as planned. The Company presented a Revised Last, Best and Final Offer. While the value of the revised offer did not decrease, the Company adjusted the pension restoration contribution timing from yearly to weekly, and clarified that the $5,000 lump sum ratification bonus would only be paid in the event new agreements are ratified by the membership.

The Union continued to reject the Company’s retirement proposal to exit the B&C Pension Fund, which is in critical and declining status. The Company continues to offer employees a defined contribution retirement plan. The Union reiterated its proposal, which demonstrates the parties’ deadlock over the pension issue.

The key aspects of the Company’s “Revised Last, Best and Final Offer” are:

Four year contracts;

Wage increases of 2.25% in each year;

$5,000 lump sum bonus, which will only be paid in the event of a ratified agreement;

90/10 healthcare plan, effective January 1, 2017, with modest employee contributions deferred until January 1, 2018. After an employee’s deductible is met, the Company pays 90%, and after an employee’s out-of-pocket maximum is reached, the Company pays 100%; and

Withdrawal from the B&C Pension Fund and new retirement benefits provided through an Enhanced Thrift Incentive Plan (TIP).

March 21, 2016

2016 BCTGM Contracts Negotiations Update

The Company presented its Last, Best and Final Offer (LBFO) to the Union on March 10, 2016. The LBFO speaks for itself. Negotiations are scheduled to resume on April 7, 2016, the next date that the Union has made itself available to meet. The Company has advised the Union that it is available to meet and negotiate every day, including weekends, from now until resolution. The Company remains committed to negotiating in good faith.

March 14, 2016

Healthcare 101: How the Proposed Healthcare Coverage Works

BCTGM-represented employees currently have extremely generous healthcare coverage with the Company paying about 95% of the costs. Today’s skyrocketing healthcare costs will have serious consequences on the Company’s ability to compete and provide good, solid jobs unless a change is made. The Company’s proposed healthcare coverage is better than what many of our U.S. peer companies provide for employees in similar roles.

March 11, 2016

The following comparisons were developed to help BCTGM-represented employees understand how the Company’s proposed retirement plan compares, in dollars, to the current B&C Pension Fund. While the Company cannot provide specific information on an individual employee’s retirement benefit, below are scenarios based on hypothetical employees’ varying ages and years of service. See comparisons here.

March 10, 2016

Company’s Last, Best & Final Offer

This morning, on the third day of this week’s scheduled bargaining sessions between Mondelēz Global LLC and the BCTGM, the Company presented its Last, Best and Final Offer, which is subject to withdrawal if not ratified by March 20, 2016.

The Union continued to reject the Company’s proposal to exit the troubled B&C Pension Fund and offer its employees a defined contribution retirement plan. The Union made its own proposal, which continued to show that the parties are deadlocked over the pension issue. The Union broke off talks in the afternoon and no further sessions have been scheduled at this time.

The key aspects of the Company’s “Last, Best and Final Offer” are:

Four year contracts;

Wage increases of 2.25% in each year;

$5,000 lump sum bonus;

90/10 healthcare plan effective January 1, 2017, with modest employee contributions deferred until January 1, 2018. After an employee’s deductible is met, the Company pays 90%, and after an employee’s out-of-pocket maximum is reached, the Company pays 100%; and

Withdrawal from the B&C Pension Fund, effective April 1, 2016, and new retirement benefits provided through an Enhanced Thrift Incentive Plan (TIP).

If not ratified by March 20, 2016, the Company’s “Last, Best and Final Offer” is subject to withdrawal.

March 9, 2016

2016 BCTGM Contract Negotiations End of Day Update

Negotiations continued today between Mondelēz Global LLC and the BCTGM with the involvement of a mediator from the Federal Mediation and Conciliation Services (FMCS).

Click on the link below to read three important things to know about retirement:

March 8, 2016

2016 BCTGM Contract Negotiations End of Day Update

Mondelēz Global LLC and the BCTGM continued negotiations today for contracts covering five bakeries and three distribution branches. Mediators from the Federal Mediation and Conciliation Services (FMCS) joined the Company and BCTGM representatives in negotiations.

The Union again referenced the studies it says support its claim that “Defined Benefit” (DB) pension plans are better than “Defined Contribution” (DC) plans. Those studies did not address DB plans that are in “Critical and Declining” status, like the B&C Pension Fund, which projects that within 17 years, it may be unable to pay benefits to its pension plan participants.

March 8, 2016

Video – 2016 BCTGM Contracts Negotiations Morning Update

Negotiations resumed this morning between Mondelēz Global LLC and the BCTGM in Baltimore, Maryland. The Company remains committed to bargaining in good faith to reach contracts that will allow us to modernize our business and remain competitive in the global marketplace, while also continuing to provide our BCTGM-represented employees with good wages and benefits.

Retirement security is an important negotiations topic. The B&C Pension Fund is in “Critical and Declining” status, and the Fund itself projects that within 17 years, it may not be able to pay benefit commitments to its pension plan participants. Learn more about the B&C Pension Fund and the Company’s Proposed Retirement Plan (Enhanced TIP) in this video.

March 2, 2016

In the News – Multiemployer Pension Plans

Yesterday, Orrin Hatch (R-Utah) chaired a U.S. Senate Committee hearing on “The Multiemployer Pension Plan System: Recent Reforms and Current Challenges.” The discussion dealt with the current multiemployer pension plan crisis, and specifically focused on those plans that are underfunded, like the B&C Pension Fund. The following are direct quotes from Senator Hatch’s opening remarks:

“Ten million Americans are covered by multiemployer pension plans, and, currently, more than one third of those people are in plans that are critically underfunded. Many are in danger of default.”

“In the case of a default, the PBGC would pay out pensions to retirees. Those payments are capped by law and would be no greater than $12,870 per year. In fact, in many cases it would be far less. That would be a steep drop for a retiree who was promised an annual pension of $30,000 or $40,000 in a plan like the Central States Teamsters Plan…”

[The PBGC is a federal agency to protect pension benefits in private-sector defined benefit plans. If the event a defined benefit plan is terminated without sufficient money to pay all benefits, PBGC's insurance program will pay you the benefit provided by your pension plan up to the limits set by law]

“There are several plans – like the Central States and United Mineworkers Plans, for example – that would bankrupt the PBGC if they were to default. The PBGC insurance program for multiemployer plans just can’t handle that load. And if the PBGC’s insurance assets are ever exhausted, pension payments will drop to nearly zero.”

Dr. Andrew Biggs, Resident Scholar at the American Enterprise Institute shared the following conclusion during his testimony yesterday:

“What employees need are well-designed, well-run defined contribution plans that offer automatic enrollment at responsible contribution rates coupled with simple and low-cost investment options such as target date funds. The other bells and whistles, which seem to offer something for nothing, pose the risk of delivering the opposite.”

March 1, 2016

2016 BCTGM Contracts Negotiations Update

The contracts between Mondelēz Global LLC and the BCTGM covering five manufacturing plants and three distribution branches expired on February 29. Today, those facilities were open and operating despite a spike in absenteeism in some locations.

Based on the Union’s availability, negotiations are scheduled for March 8th, 9th and 10th. In addition, the Company has advised the Union that it is available to meet and negotiate every day, including weekends, from now until resolution.

February 29, 2016

2016 BCTGM Contracts Negotiations Update

The contracts that the Company and the BCTGM have been negotiating over the past two weeks will expire tonight at midnight, local time. The Company continues to bargain in good faith and is committed to achieving a successful resolution.

There is no extension agreement in place. However, employees are expected to report to work on Tuesday, March 1st as scheduled.

February 26, 2016

2016 BCTGM Contracts Negotiations Update

On Thursday evening, February 25th, the Union advised the Company that its committee was leaving Charlotte, and would not be available on Friday, Sunday or Monday to negotiate as the parties had agreed earlier in the week. Given that the contracts expire on Monday, February 29th, the Company presented its Best and Final Offer in a good faith effort to resolve all open issues.

The Company intends to continue to work toward an agreement with the BCTGM. The Union has said that its negotiating committee is not available to meet again until the week of March 7th. Although the Company would like to continue talking now, through the weekend, and on Monday as the Union originally agreed, we will meet with the Union whenever and wherever they are available to do so.

There is no extension in place. However, we hope that despite the delay in getting back to the bargaining table, it will be business as usual in our facilities, and that our employees continue to work even though the contracts have expired.

February 25, 2016

2016 BCTGM Contracts Negotiations Update

Negotiations continued today in Charlotte, NC with the remaining reduced BCTGM negotiating committee, and the Company made numerous proposals in a good faith attempt to reach a negotiated settlement including a modification of the vacation replacement proposal.

Today, the BCTGM alleged that Defined Benefit (DB) pension plans offer a more secure financial benefit in retirement. However, the B&C Pension Fund is in “critical and declining” status and is projected to be insolvent within 17 years. In addition, the B&C Pension Fund has had to cut benefits to members triggering a lawsuit by retirees.

In addition, there have been a number of inaccuracies relating to the Company’s Retirement Plan proposal that are addressed in today’s Myth vs. Fact.

February 24, 2016

2016 BCTGM Contracts Negotiations Update

On Tuesday, we were prepared to come to the table, but the Union was not willing to negotiate. Today, our negotiating committee went to the table to learn that the BCTGM chief negotiators had released their local committees from negotiations and had sent them home “to get prepared.” Negotiations continued throughout the day with the remaining BCTGM negotiating committee.

The Union posted a letter on their website alleging that the Company is using Chicago as a “bargaining chip” in these negotiations. As we told the Union at the table today, “nothing could be further from the truth.” In fact, it was the Union that had refused to bargain the investment decision when they had the opportunity to do so beginning in April 2015. It was the Union that has refused to bargain the effects of the investment decision on the Chicago employees since late July 2015. And it was the Union that brought the Chicago situation into these negotiations now, in February 2016.

In fact, today ‒ for the first time ‒ the Union made a proposal across the table pertaining to the effects on our employees of the reduction of lines in Chicago. We made it clear that we are prepared to offer the impacted Chicago BCTGM-represented employees the same separation package that was offered to and accepted by the other union-represented employees in Chicago in October and November 2015. We told them that, had they been willing to bargain anytime since late July 2015 through January 2016, they would have been offered that same package.

February 23, 2016

2016 BCTGM Contracts Negotiations Update

Today, Company representatives hoped to continue negotiations with the Union, with the goal of engaging in dialogue and exchanging, modifying and countering proposals. To the Company's disappointment, the Union did not come to the table today. Instead, the Union posted a letter on their website which contains a number of inaccuracies. In response to this recent letter, we encourage you to read this Myth versus Fact summary.

The Company has also offered an enhancement to our retirement proposal which we provided to the Union yesterday and have summarized here. The Company's retirement proposal offers at least an equivalent retirement income to what you would be entitled to receive under the B&C Pension Fund, and our proposal provides you with more flexibility and control compared to the B&C Pension Fund.

The Company remains willing to meet with the Union and is committed to negotiating in good faith to secure contracts that will continue to provide our employees with good wages and benefits, while at the same time allowing the Company to successfully compete in the markets in which we operate. We look forward to hearing from the Union and to resuming negotiations.

February 22, 2016

2016 BCTGM Contracts Negotiations Update

Representatives from the Company and the BCTGM met in Charlotte, NC. Discussions focused on a variety of topics including Pension, Healthcare, and Wages.

Negotiations are scheduled to resume February 23, 2016.

February 20, 2016

2016 BCTGM Contracts Negotiations Update

Representatives from the Company and the BCTGM met today in Charlotte, NC. Discussions focused on a variety of topics including Pension, Healthcare, and Job Security.

February 16, 2016

2016 BCTGM Contracts Negotiations Update

Representatives from the Company and Union met today beginning at 12:00noon in Charlotte, NC.

Negotiations are scheduled to resume at 10:00am on Wednesday, Feb 17, 2016.

February 12, 2016

In the News: Pensions may be cut by 50% for some retired truck drivers and others in the Central States Pension Fund

A plan to slash pensions for retired Teamsters has activists warning a dangerous precedent could be set for other plans. Read article from Detroit Free Press. (February 6, 2016)

February 1, 2016

Contract Negotiations Update

Contracts between the Company and the BCTGM that cover five Company bakeries and three DSD sites expire on February 29, 2016. Company representatives have met locally with BCTGM representatives in Fair Lawn, Atlanta, Chicago, Richmond and Portland. The Aurora Distribution Center meeting is scheduled for February 8, 2016. Dates for Addison and Norcross are to be determined. We look forward to beginning discussions on a national level on February 16, 2016.

January 28, 2016

Third Multiemployer Pension Plan Files Rescue Proposal

A New Jersey-based Teamsters local pension fund has become the third multiemployer pension plan known to apply for Treasury Department approval of benefit suspensions. In a Dec. 28 petition, the Teamsters Local 469 Pension Plan in Hazlet, N.J., joined the Central States, Southeast and Southwest Areas Pension Fund and the Iron Workers Local 17 Pension Fund in Cleveland in seeking to use provisions of a 2014 federal law to suspend the accrued benefits of its plan participants on the basis of seeking to avert future insolvency. The Treasury Department reported the new petition, as well as the Iron Workers' Dec. 23 filing, in separate notices. Thirty-nine employers were part of the plan in 2014, and it included 1,781 total participants, only 128 of which were active, the plan said in its 2014 Form 5500 filing. Current assets were $122.6 million and liabilities were $279.9 million, the local reported.

January 25, 2016

In the News: Troubles for Another Multiemployer Pension Fund

A second multiemployer pension fund has announced a plan to reduce benefits under the Multiemployer Pension Reform Act of 2014. Cleveland-based Iron Workers Local 17 Pension Fund became the second fund to request Treasury Department approval to reduce benefits for the fund’s 2,064 members, as part of a rehabilitation plan to prevent insolvency. Iron Workers Local 17 Applies for Multiemployer Benefit Cuts (Pensions & Investments, January 7, 2016)

January 20, 2016

In the News: More on Health Care Premium Trends

Fresh details on employer-sponsored health care premium trends have just been published by the Journal of the American Medical Association (JAMA). Though premium increases have slowed in recent years, JAMA reports a 203% increase since 1999, among other trends affecting the cost of health care for workers.Recent Trends in Employer-Sponsored Health Insurance Premiums (JAMA, January 5, 2016)

In the News: Recent Headlines Highlight Challenges for Multiemployer Pensions

NEGOTIATIONS OVERVIEW

Contracts between Mondelēz Global LLC and the Bakery, Confectionery, Tobacco Workers and Grain Millers (BCTGM) union that cover about 2,200 employees at five Company bakeries and three distribution sites expired on Feb. 29, 2016.

It remains the Company’s goal to negotiate in good faith to secure contracts with the BCTGM that continue to provide our employees with good wages and benefits, while at the same time allowing the Company to operate as a Best-in-Class organization in the Consumer Packaged Goods markets in which we compete.